Ripple (XRP) price has failed to show a significant bounce despite a market-wide rebound in the cryptocurrencies. Most altcoins are showing a positive price action on Tuesday as Bitcoin price reversed after briefly dipping below $25,000. At press time, BTC is trading at $26,100 after a 3.86% increase.
Although XRP price also rose 1.03%, it still lagged behind other altcoins on Tuesday. This suggests that there is still a strong selling pressure on the price of the leading cryptocurrency. Ripple has also wiped off all the gains which it posted after its court victory against the SEC.
XRP Trading Volume Increases On Exchanges
There has been a significant increase in the trading volume of Ripple across all exchanges. The volume of the payment-based digital asset has increased 140% in the past 24 hours. According to CoinMarketCap, $1.3 billion worth of XRP has changed hands since yesterday.
However, despite an uptick in the trading volume and increased investor interest, Ripple price remains in a slump. Such market conditions often suggest that big wallets are selling passively to keep the price down. A major reason behind the intense sell-off could be the mid-case appeal by the SEC. The crypto giant seems to be heading towards another legal battle with the US regulator.
Ripple Price Loses 38% To Bitcoin
The XRP/BTC pair has been in a tailspin for the last two months. Since its July peak, XRP price has slid more than 38% against Bitcoin. This downtrend can be attributed to the increased fear in the market as BTC fell from $30,000 to $25,000. The following chart reveals that 0.00001892 is a key level to watch.
A breakdown below this level may devalue Ripple further in terms of Bitcoin. The pair also needs to break out of the downward trendline, which is shown as the diagonal black line on the top right of the chart. It is also evident that the XRP/BTC pair is currently retesting the 200 MA which lies at 0.00001840.
Ripple Price Breaks Below 200MA
Since its bottom in July 2022, XRP coin has respected an upward trendline, as visible in the following chart. Even though the price is still trading above this trendline, it has broken below the 200 moving average on the daily and weekly charts. This is a major sign of weakness for any speculative asset. If bulls don’t reclaim the 200 MA on the weekly chart, Ripple price prediction will flip extremely bearish.
The following XRP/USD chart shows a clear rejection from the $0.92 resistance level. Since then, the price has corrected 49%. Many short-term investors took the court victory news as an opportunity to sell at a higher level.